Raoul Weil, once the No. 3 official at the Swiss global financial services company USB AG, has been arrested in Italy following a 2008 indictment on charges that he oversaw the bank’s cross-border business and helped U.S. clients hide billions in assets from the IRS. He was later declared a fugitive.

New York principal Daniel Levy, a former federal prosecutor, has been extensively involved in the investigation of banks, bankers, and financial advisors that have assisted U.S. taxpayers with respect to accounts held in Switzerland. In the WSJ article, Mr. Levy explains that Raoul Weil's arrest "underscores that it is a real danger for Swiss bankers directly in the cross-hairs of the U.S. to travel to another country."